Many older adults decide to move to a new property after retirement or after the kids move out. Choosing where you’d like to live for your retirement years can be a big decision, so it’s important to conduct some research first. Here are six things to consider when searching for a retirement property.
Location, location, location. Where you live can have a significant impact on your day-to-day quality of life. When choosing a place, you should think of a few different factors.
For example, think of your family and friends. Would you like to live close to them so you can visit more often?
You also want to think about the possibility of moving somewhere new, either in the United States or abroad, if you’re feeling adventurous. Moving somewhere entirely new can be a good option if you’d like to start fresh and experience something different. Or maybe you’d rather move back to your hometown to settle down where it’s familiar.
One last thing to consider when it comes to location is the weather. People sometimes underestimate how impactful weather can be on a living experience. Make sure to ask yourself what type of weather you’d be most comfortable experiencing. Are you okay with the heat or cold and dealing with certain severe weather conditions?
Another important factor to consider when choosing a retirement property is your budget. Financial planning for retirement can be an overwhelming process, so it’s important to know how your new retirement property fits into your budget. How much money are you willing to spend on this move? It’s wise to sit down and evaluate what your expenses could be when moving to a new property. If you move to a new state, there’s likely to be a difference in taxes, travel expenses, and health care costs.
- Property Maintenance
When choosing your retirement property, you’ll want to know how much a place might need maintenance and upkeep. It’s common for homes to need repairs and updates, especially for properties that are a part of a homeowner’s association, which has special requirements for exterior appearances. Be realistic about how long you’ll be able to keep up with any property maintenance. You may need to hire someone else to help at some point.
No matter where you are, one of the most important things to consider is safety. It’s common for people to become more prone to injuries as they age. Many of these injuries are due to falling and tripping over objects. The Center for Disease Control and Prevention reports that one in four people fall every year. Because of this, it may be best to find a one-story property and nothing more. By eliminating the danger of stairs, you are less likely to have a scary fall.
Another feature your new property should have is wide hallways and living spaces. You’re less likely to run into objects if you have more room to move around.
Additionally, if you ever need to use a walker or cane, it’s best not to have any obstacles in your way.
It would help if you also thought about the available health care services in the area. Check to see if there are hospitals and doctors nearby that you feel comfortable with and trust. Make sure to check your health insurance, such as Medicare, is accepted at these health care facilities.
The general environment of the place you move to is also good to consider. Make sure to have a look around and see if there are other older adults in the area. It’s important to stay social as you age, and it’s typically easier to relate to those in a similar life stage.
You’ll also want to see what kind of activities are available in the area. If you’re someone who likes to golf or hike, make sure those activities are easily available to you. Or maybe you’re someone who enjoys trying new food places. Whatever your interests may be, choose a property that will support your lifestyle.
- Living Arrangements
It would be best if you also thought about your living arrangements in your new property. For example, will you be living alone or with a spouse? If you think you may need a caregiver in the future, you’ll want to choose a property with enough room for them to live comfortably as well. In general, if you plan to live with someone else in your new property, it’s a good idea to choose a space that will allow everyone to go about their day smoothly.
You’ll also want to think about pets. If you have pets or plan on getting any, make sure there’s enough room for them and you to live safely with one another as you age.
There are a lot of factors to consider when choosing a new retirement property, including safety, location, budget, and more. The main takeaway is to choose a property that best fits your needs and will help you live a quality day-to-day life as you enter your Golden Years.